Perth, Australia – 6 November 2024 | Victory Metals Limited (ASX:VTM) (“Victory Metals” or the “Company”) is pleased to announce significant progress at its North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia, with the successful completion of a 3,681m air core drilling program. Exploration work has now confirmed the presence of high-grade heavy rare earth oxides (HREO) and scandium mineralisation across an impressive 13.5km strike.
Highlights:
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Strike Extension: Recent drilling results extend the known mineralisation strike to 13.5 km and reinforce North Stanmore as a premier HREE-dominant project.
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Assay Results: Recent drilling results include:
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AC0011: Up to 2,700 ppm Total Rare Earth Oxides (TREO) from 24m depth (1.8 km south of the July MRE).
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AC0083: Up to 1,405 ppm TREO from 22m depth (8 km north of the July MRE).
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Updated MRE: The new assay data will contribute to an upcoming updated Mineral Resource Estimate (MRE), also enhancing the upcoming scoping study aimed for completion in Q1 2025.
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High Concentrations: Drill assays show outstanding HREO concentrations, with ratios up to 75% HREO to TREO (e.g., AC0030 from 25m).
Brendan Clark, CEO and Executive Director of Victory Metals, commented: "Given the size of the North Stanmore intrusion magnetic anomaly, we knew there was significant potential for rare earth element (REE) mineralisation beyond the current Mineral Resource Estimate (MRE) area, and the scale of what we’ve now uncovered is impressive. These additional high-grade zones are set to add real value to the Scoping Study, with potential benefits like extending the mine-life and further improving project economics.
We’re incorporating these new assay results into an updated MRE, which means we’re aiming to complete the Scoping Study by Q1 2025. I want to reassure our shareholders that progress is significant, and this timeline adjustment is all about ensuring we deliver a high-quality, impactful study right from the start.
In a world where heavy rare earths are critical for energy, technology, and defence, our project is perfectly positioned to meet the increasing demand. The consistency and grade of our mineralisation give us great confidence as we advance the MRE and move into the next phase of development.”
Strategic Importance: Heavy rare earths, such as dysprosium and terbium, are vital for the production of heat-resistant magnets used in EVs, renewable energy technologies, and defence applications.
Brendan Clark
Victory Metals Limited
CEO & Executive Director
b.clark@victorymetalsaustralia.com
Jane Morgan
Jane Morgan Management
Investor and Media Relations
jm@janemorganmanagement.com.au
About us:
About Victory Metals Limited:
Victory is focused upon the exploration and development of its Heavy Rare Earth Element (REE) and critical mineral Discovery in the Cue Region of Western Australia. Victory’s key assets include a portfolio of assets located in the Midwest region of Western Australia, approximately 665 km from Perth. Victory’s clay REE discovery is rapidly evolving with the system demonstrating high ratios of Heavy Rare Earth Oxides and Critical Magnet Metals NdPr + DyTb.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au
